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C. Part of the Loan will be evidenced by that certain Promissory Note dated as of May
<br />23, 2008, executed by the Borrower in favor of the Mortgagee in the original principal amount of
<br />Two Hundred Forty -five Thousand Dollars ($245,000A0)( "Note 1 "). Note 1 will be secured by,
<br />among other things; (1) that certain Combination Mortgage, Security Agreement and Fixture
<br />Financing Statement dated as of May 23, 2008, executed by the Borrower in favor ofthe Mortgagee
<br />and filed in the office of the Ramsey County Recorder on _ , 2008 as Document No.
<br />and in the office of the Ramsey County Registrar of Titles on
<br />, 2008, as Document No. (the "Mortgage 1"), and (ii)
<br />that certain Assignment of Leases and Rents dated as of May 23, 2008, executed by the Borrower in
<br />favor of the Mortgagee and filed in the office of the Ramsey County Recorder on ,
<br />2008 as Document No. , and in the office of the Ramsey County Registrar of
<br />Titles on , 2008, as DocumentNo. (the "Assignment of
<br />Rents 1 "), encumbering that portion of the . Development Property legally described as Lot2, Block
<br />1, Country Side Terrace, Ramsey County, Minnesota.
<br />D
<br />... The ,the_ part th -"u co, cc_ ,w ..., ,.. .. atcenainrromissory Note a
<br />men as
<br />of May 23, 2008, executed by the Borrower in favor of the Mortgagee in the original principal
<br />amount of Two Hundred Forty-five Thousand Dollars ($245,000,00)(the "Note 2 ")(Note 1 and Note
<br />2 are sometimes collectively referred to herein as the "Notes "). Note 2 will be secured among other
<br />things, by (1) that certain Combination Mortgage, Security Agreement and Fixture Financing
<br />Statement dated as of May 23, 2008, executed by the Borrower in favor of the Mortgagee and filed
<br />in the office of the Ramsey County Recorder on , 2008 as Document No.
<br />and in the office of the Ramsey County Registrar of Titles of
<br />2008, as Document No. (the "Mortgage 2 ")
<br />(Mortgage 1 and Mortgage 2 are sometimes each referred to herein as a "Mortgage" and collectively
<br />as the "Mortgages "), and (ii) that certain Assignment of Leases and Rents dated as of May 23, 2008,
<br />executed by the Borrower in favor of the Mortgagee and filed in the office of the Ramsey County
<br />Recorder on , 2008 as Document No. and in the office ofthe
<br />Ramsey County Registrar of Titles of 2008, as Document No.
<br />(the "Assignment of Rents 2 ")(Assignment of Rents 1 and Assignment of
<br />Rents 2 are sometimes collectively referred to herein as the "Assignments of Rents "), encumbering
<br />the entire Development Property.
<br />E. As a condition to the disbursement of the Loan proceeds to the Borrower, the
<br />Mortgagee has required that the Development Agreement be subordinate to the Loan and that the
<br />City agree to other matters as more fully contained herein.
<br />NOW, nfEREFORE, in consideration of the mutual covenants and agreements set forth
<br />herein, and for other good and valuable consideration, the receipt and sufficiency of which are
<br />hereby acknowledged, the patties hereto covenant and agree as follows:
<br />1. The above - stated recitals are true and correct and are incorporated herein by
<br />reference.
<br />- 2 -
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